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Tax havens under scanner in Madoff inquiry

Investigators have turned their attention to offshore tax havens in the hunt for funds allegedly cheated out of investors by Bernard Madoff, where they believe he may have sent hundreds of millions of dollars.

Sources said that forensic accountants looking into Madoff's books believed he had regularly salted away large sums of money to offshore accounts in the Caribbean and Europe.

Stephen Harbeck, chief executive of America's Securities Investor Protection Corporation and official receiver of Madoff's now defunct brokerage business, said the hunt for funds was likely to spread all over the world.

Meanwhile, US District Judge Louis Stanton in Manhattan has ordered Madoff to provide a list of all investments, loans, lines of credit, business interests, brokerage accounts and other holdings to the Securities and Exchange Commission by Wednesday.

Madoff has until January 26 to provide similar accounting for his overseas business units. The list must mention "the source, amount, disposition and current location of each of the items listed".